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China Convergence Fund a Sub-Fund of Value Partners Intelligent Funds NAV Per Unit : Class a USD - USD150.10 Fund Size : USD299.0 Million

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China Convergence Fund a Sub-Fund of Value Partners Intelligent Funds NAV Per Unit : Class a USD - USD150.10 Fund Size : USD299.0 Million China Convergence Fund A Sub-Fund of Value Partners Intelligent Funds NAV per unit : Class A USD - USD150.10 Fund size : USD299.0 million 31 March 2017 • China Convergence Fund (The “Fund”) primarily invests in A and B shares listed on the stock exchanges of Shanghai and Shenzhen as well as in H shares listed in Hong Kong. • The Fund invests in China and therefore is subject to emerging market risks. Generally, investments in emerging markets are more volatile than investments in developed markets due to additional risks relating to political, social, economic and regulatory uncertainty. • The Fund is also subject to concentration risk due to its concentration in China-related companies. Adverse development in such region may affect the value of the underlying securities in which the Fund invests. • The Fund may directly invest in A Shares and other eligible securities through the qualified foreign institutional investors (“QFII”) quota. Investors will be subject to certain risks including repatriation risk, custodial risk, regulatory risk. In addition, the QFII policy and rules are subject to change. All these may adversely impact the Fund. • The Fund may also invest in derivatives which can involve material risks, e.g. counterparty default risk, insolvency or liquidity risk, and may expose the Fund to significant losses. • You should not make investment decision on the basis of this material alone. Please read the explanatory memorandum for details and risk factors. Investment objective Performance update 1 Class A MSCI China The fund The fund aims to provide unitholders with long-term capital appreciation USD Index 2 Class Z by investing primarily in A and B shares listed on the stock exchanges of One month +3.8% +2.1% +3.7% Shanghai and Shenzhen, as well as H shares listed in Hong Kong. Year-to-date +12.5% +12.9% +12.2% Note: On inception, in Jul 2000, the fund’s objective was to invest primarily in One year +14.4% +19.7% +16.6% B shares. In Jul 2001, the mandate was extended to include H shares. In Mar 2005, the mandate was further extended to include China A shares. Three years +27.5% +20.5% +31.7% Five years +29.1% +31.2% N/A Since launch +1,401.0% +187.4% +33.0% 1 Performance since launch Annualized return ^ +17.6% +6.5% +8.1% % Annualized volatility ^ 25.8% 26.7% 19.8% 2,000 The fund (Class A, USD) MSCI China Index3 1,600 NAVs & codes +1,401.0% Classes NAV ISIN Bloomberg 1,200 Class A USD 150.10 KYG9317Q1047 VAPAICB KY Class A AUD Hedged 10.04 KYG9317Q1385 VAPAAHD KY 800 Class A CAD Hedged 10.16 KYG9317Q1468 VAPACAH KY Class A NZD Hedged 11.33 KYG9317Q1534 VAPANZH KY 400 Class Z USD 13.30 KYG9317Q1203 VAPAICZ KY +187.4% 0 -200 2000 2002 2004 2006 2008 2010 2012 2014 2016 The fund – Class A USD: Monthly performance from 1 Jan 2009 to 31 Mar 2017 1 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual 2009 -3.0% -2.3% +12.4% +11.6% +17.9% +4.3% +11.9% -7.0% +4.6% +8.4% +6.8% +1.5% +87.1% 2010 -6.1% +2.4% +6.2% +2.3% -4.8% +1.6% +3.9% +1.6% +10.8% +4.5% +1.2% -2.6% +21.3% 2011 -3.2% -0.9% +4.8% +2.2% -2.5% -2.4% +1.5% -7.3% -19.4% +13.5% -7.6% -0.3% -22.4% 2012 +7.6% +6.6% -5.5% +1.0% -8.4% -3.8% -3.5% +0.6% +5.8% +2.7% +0.1% +7.4% +9.3% 2013 +7.5% -2.0% -2.9% -0.6% +2.7% -9.9% +3.5% +1.8% +2.2% +3.9% +5.6% -1.8% +9.2% 2014 -5.6% +1.0% -3.6% -1.0% +1.2% +3.4% +8.8% +1.3% -1.2% +3.2% +1.6% +5.4% +14.6% 2015 +1.8% +1.3% +6.7% +19.8% +1.7% -8.1% -12.6% -12.5% +1.5% +5.5% -3.8% +2.4% -0.5% 2016 -16.6% -0.9% +8.5% -2.1% -2.5% -1.1% +4.8% +6.7% +0.4% -1.8% +1.1% -3.5% -8.7% 2017 (YTD) +5.9% +2.3% +3.8% +12.5% ^ Annualized return and volatility are calculated from inception on 14 Jul 2000. Volatility is a measure of the theoretical risk in terms of standard deviation; in general, the lower the number, the less risky the investment, and vice versa. 9th Floor, Nexxus Building, 41 Connaught Road Central, Hong Kong Investor hotline: (852) 2143 0688 Email: [email protected] www.valuepartners-group.com Follow us on China Convergence Fund | 31 March 2017 Top 10 securities holdings Fund facts Name Industry 3 % Manager: Value Partners Limited Tencent Holdings Ltd. Software & services 6.8 Base currency: USD China South Publishing and Media 5.0 Trustee: Bank of Bermuda (Cayman) Limited Media Group Co., Ltd. Custodian: HSBC Institutional Trust Services (Asia) Limited China Petroleum & Energy 3.7 Launch date: Class A USD - 14 Jul 2000 Chemical Corporation Class A AUD Hedged - 27 Oct 2015 Inner Mongolia Yili Industrial Food, beverage & tobacco 3.6 Class A CAD Hedged - 7 Jan 2016 Group Co., Ltd. Class A NZD Hedged - 7 Jan 2016 Wuliangye Yibin Co., Ltd. Food, beverage & tobacco 3.5 Class Z - 24 Jul 2013 Gree Electric Appliances, Inc. Consumer durables & apparel 3.4 Unit price is published daily in the South China Morning Post, the Hong Kong of Zhuhai Economic Journal and the Hong Kong Economic Times. Kweichow Moutai Co., Ltd. Food, beverage & tobacco 3.2 Alibaba Group Holding Ltd Software & services 3.1 Fee structure Beijing Yanjing Brewery Food, beverage & tobacco 2.6 Co., Ltd. Class A Class Z USD10,000 Ping An Insurance (Group) Insurance 2.6 Minimum subscription USD10,000,000 Co. of China, Ltd. or equivalent Minimum subsequent USD5,000 These stocks constitute 38% of the fund. USD100,000 subscription or equivalent Subscription fee Up to 5% Portfolio characteristics Management fee 1.25% p.a. 0.75% p.a. As at 31 Mar 2017 2017 4 Performance fee 7 15% of profit (High-on-high principle) Price/earnings ratio 13.7 times Redemption fee Nil Price/book ratio 1.7 times Dealing day Daily Dividend yield 2.5% Senior investment staff Geographical exposure by listing 5 Chairman & Co-Chief Investment Officer: Cheah Cheng Hye China A Shares 36% Deputy Chairman & Co-Chief Investment Officer: Louis So H Shares 22% Deputy Chief Investment Officer: Renee Hung Hong Kong 17% Senior Investment Director: Norman Ho, CFA Red Chips 9% Investment Directors: Gordon Ip, CFA; Kenny Tjan, CFA; Michelle Yu, CFA; China B Shares 7% Yu Xiao Bo Cash 6 3% Senior Fund Managers: Kelly Chung, CFA; Doris Ho; Glenda Hsia; Philip Li, CFA; Kai Mak United States 3% Taiwan 2% Others 1% Short exposure includes: Hong Kong, -0.6%. Sector exposure 3, 5 Consumer discretionary 24% Consumer staples 18% Information technology 14% Health care 9% Industrials 9% Energy 6% Insurance 5% Utilities 4% Cash 6 3% Banks 2% Materials 2% Other financials 2% Others 2% Total short exposure is -0.6%. Short exposure includes: Consumer discretionary, -0.3% and Real estate, -0.3%. 1. Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, data as of 31 Mar 2017, in USD, NAV to NAV, with dividends reinvested. Performance data is net of all fees. 2. Starting from Jul 2009, the MSCI China Index will be used as the reference index for the entire history of the fund. Hang Seng H Shares Index, Shanghai Composite Index and Shenzhen Composite Index were no longer shown for comparison. 3. Classification is based on Global Industry Classification Standard (GICS). 4. The profile is based on market consensus forecast as derived from S&P Capital IQ and Bloomberg. Harmonic mean methodology is applied to calculate the forecast P/E ratio and P/B ratio. Note that the manager’s internal estimates may differ significantly from S&P Capital IQ and Bloomberg estimates. 5. Exposure refers to net exposure (long exposure minus short exposure). Due to rounding, percentages shown may not add up to 100%. 6. Cash refers to net cash on hand excluding cash for collaterals and margins. 7. Performance fee will only be charged if the NAV at the end of the financial year or upon realization of units exceeds the “high watermark”, which is the all-time year-end high of the fund’s NAV. If in any one year, the fund suffers a loss, no performance fee can be charged in subsequent years until the loss is recovered fully (the high-on-high principle). The Fund is not registered under the United States Securities Act of 1933, as amended (“the Securities Act”) or the securities laws of any of the states of the United States. The units of the Fund (“Units”) may not be offered, sold or delivered directly or indirectly in the United States or to or for the account or benefit of any “US Person” except pursuant to an exemption with the consent of the Trustee and/or the Manager of the Fund in a transaction which does not result in a violation of applicable United States federal or state securities laws. The Units are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act and applicable state securities laws, pursuant to registration or exemption therefrom, as well as in accordance with the requirements set forth in the Explanatory Memorandum and Supplemental Disclosure Statement for US Persons (“Memorandum”).
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